Fusion Finance Ltd · NSE:FUSION
Fusion Finance — Fusion Micro Finance — Investor Presentation (May 2024)
71 slides from Fusion Finance's investor presentation, May 18, 2024
Slide 1: Submission letter to stock exchanges
Letter No. FMFL/SEC/2024-25/SE-27 Date: 18.05.2024 The Manager The Manager Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block Bandra Phiroze Jeejeebhoy Towers Kurla Complex, Bandra (E), Mumbai - 400 051 Dalal Street, Mumba
Slide 2: Creating Opportunities… Fusion Micro Finance Limited
Creating Opportunities… Creating Opportunities… Fusion Micro Finance Limited
Slide 3: Disclaimer
Disclaimer Creating Opportunities… By attending the meeting where this Presentation is made, or by reading the Presentation materials, you agree to be bound by the limitations contained herein and to maintain absolute confidentiality regarding the information disclosed in this Presentation. Any fail
Slide 4: Agenda – Investor & Analyst Meet 17th May 2024
Creating Opportunities… Agenda – Investor & Analyst Meet 17th May 2024 01 Strategic Overview by MD & CEO 02 MFI Business 03 MSME Business 04 Finance & Treasury 05 Information Technology 06 Risk Management & Audit 3 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 5: Purpose
Purpose Creating Opportunities… “Impacting lives and communities, our aspiration is to be a large and respectable financial institution in India." 4 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 6: Microfinance in India
Microfinance in India Creating Opportunities… Post Demonetization (₹ Cr) Post Covid (₹ Cr) 2,31,788 3,99,442 (29.3%) 3,48,339 (19.6%) 1,79,314 22,702 (22.0%) 35,744 (33.1%) 2,85,441 2,59,377 (10.0%) 29,440 40,556 70,449 1,34,742 20,191 (11.9%) (32.6%) 19,698 57,828 1,01,586 30,322 21,673 48,314 12,9
Slide 7: Achievement v/s Opportunity
Achievement v/s Opportunity Creating Opportunities… 7.42 6.64 Micrometer report: MFIN’s estimate of micro finance market size GLP of ₹ 3.35 Lakh Cr, Mar’23, potential demand Rs 11.42 Lakh Cr ₹ 3.94 Lakh by Mar’24, potential demand Rs 3.99 13.03 Lakh Cr 3.48 30.2% 32.0% 6.46 6.12 The sector had overa
Slide 8: Post Covid emerging trends
Post Covid emerging trends Creating Opportunities… India’s rural growth potential and demographic composition attracting large no. of financial institutions , banks in the microfinancing segment Harmonized guidelines design to ensure a level playing field Proactive regulatory orientation…enhanced fo
Slide 9: Post Covid emerging trends…contd..
Post Covid emerging trends…contd.. Creating Opportunities… Companies focusing and investing in technology to drive productivity as well as early warning systems / framework to mitigate control issue in a distributed environment MF continues to remain an assisted model and hence People are the most i
Slide 10: Industry PAR Analysis
Industry PAR Analysis Creating Opportunities… PAR 31-180 days PAR 31-180 days 2.6% 2.4% 2.3% 2.2% 2.1% 2.1% Weekly Fortnightly Monthly 0-12 13-24 >24 Repayment frequency Loan Tenure Source: Equifax, Credit Insights, data as on Dec’23 9 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 11: Challenges faced || Circa FY16-22…the defining phase
Challenges faced || Circa FY16-22…the defining phase Creating Opportunities… Demonetization Liquidity Crisis (IL&FS) 2016 2017 2018 2020-21 GST Implementation Covid 19 Re-engineered business processes Attracted Warburg Pincus, marquee investor Built a strong capital base Seeded a new product – MSME
Slide 12: Write-Offs Apr'10 to Mar'24
Write-Offs Apr’10 to Mar’24 Creating Opportunities… Performance Apr’10 to Mar’24 26633 39079 970 11476 Disbursements Repayments Write-Offs AUM Mar’24 (Net of Recoveries) Only 2.5% Write-offs (Net Of Recoveries) Over The Past 14 Years, In spite of events like Demonetization and COVID 11 | May 18, 202
Slide 13: Progress since IPO
Progress since IPO Creating Opportunities… Metrics Pre–IPO FY’22 FY’24 AUM (₹ Cr) 6,786 11,476 No. of Client (Lakhs) 27.23 38.62 NIM (%) 8.39% 11.22% Branches 934 1,297 CRAR (%) 21.94% 27.53% Ratings A- (Stable) A+ (Stable) Net-worth (₹ Cr) 1,338 2,848 ROA (%) 0.33% 4.78% ROE (%) 1.68% 19.55% 12 | M
Slide 14: People
People Creating Opportunities… MD & CEO COO COO CFO CIO CHRO CCO CVO CRO CAO MFI MSME • CBO • National • Head • Head of • Head HR • Head • Head • Head OP • Head Corp • Head Head Treasury Engg. Ops Comp. FCU Risk Audit C & Ops • Head • Head of • Head TM • Head • Head • Head Field • Head F&A App. • He
Slide 15: People – Focus Areas
Focus Areas Creating Opportunities… Strengthening our Core Regulatory adherence New age Tech nucleus of to enrich Cust our life-cycle operations People Robust Risk Building New Management Products Framework Strong Liability Management 14 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 16: Fusion….Path Ahead
Fusion….Path Ahead Creating Opportunities… Business Lines Distribution Network • Core MFI and Domain expertise • MSME • 10%-12% Cust Addition • Graduated MFI • 15%-20% Branch Addition • Adjacent Products Mid 20s Growth Human Capital Strong Liability • Capability Building • Diversification • Deepen C
Slide 17: MFI Business Operations
Creating Opportunities… MFI Business Operations 16 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 18: Our Presence
Our Presence Creating Opportunities… Particulars FY 10-15 Particulars FY 16 Particulars FY24 States 5 States 9 States 22 Districts 38 Districts 88 Districts 453 Branches 75 Branches 173 Branches 1297 AUM (₹ Cr) 295 AUM (₹ Cr) 647 AUM (₹ Cr) 11,476 17 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 19: It's All about People
It’s All about People Creating Opportunities… COO Transparency & Sincerity CBO Mission to serve…the unserved ZM/ZBH/VP (13) Fairness RM/SH (31) Excellence Divisional Manager(100) Customer & Co-worker well-being Area Manager(268) Righteousness Branch In-charge (1200) Front line – RO (8476) Level <3 Y
Slide 20: Fusion Business Process
Fusion Business Process Creating Opportunities… KYC Validation check Loan Sourcing Credit Evaluation & Disbursement Collection 19 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 21: The Ps || People, Process, Product & Policy
The 4 Ps || People, Process, Product & Policy Creating Opportunities… Digital Disbursement & Collections Pro ce 2FA - OTP ss LAT-LONG Mapping People Policy In-house LMS “Gurukul” / *Training Academy *E-KYC, E-Sign RO Customers Building Diversity c t u P ro d *Customer Loyalty Program “Humara Fusion”
Slide 22: Performance Metrics
Performance Metrics Creating Opportunities… Network Distribution Active Clients (in Lakh) CAGR – 21% 1200 CAGR – 25% 38.5 35.2 1019 900 27.2 710 21.2 591 18.7 504 15.5 375 10.2 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 AUM (₹ Cr) Avg Ticket Size CAGR – 38% 1
Slide 23: Performance Metrics
Performance Metrics Creating Opportunities… Avg POS / Client Branches / District 2.7 28,470 2.6 2.5 25,572 24,451 2.2 2.0 2.1 21,713 1.9 19,377 17,162 15,337 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 Avg Clients / RO Avg Clients / Branch 564 3,452 532 525 3,
Slide 24: Performance Metrics || Sector Comparison
Performance Metrics || Sector Comparison Creating Opportunities… Metrics Q4 FY24 Fusion Avg Gross Metrics Q4 FY24 O/s per 28470 customer Sector range : 30000-53000 Fusion Maintained prudent levels AUM per 9.1 of ticket size and gross Branch (₹ Cr) exposure across years Sector range : 7.3 Cr – 13.6 C
Slide 25: Branch Vintage
Branch Vintage Creating Opportunities… For MFI Vertical Branch Vintage Mar’22 Mar’23 Mar’24 (Years) Branches POS Contribution Branches POS Contribution Branches POS Contribution <1 Yrs 190 7% 121 4% 181 4% 1 - 2 Yrs 119 10% 190 14% 121 7% 2 - 3 Yrs 87 9% 118 11% 190 15% > 3 Yrs 504 74% 590 71% 708 7
Slide 26: Fusion customer base composition
Fusion customer base composition Creating Opportunities… Total customers Unique to Us %age Us+1 %age Us+2 %age Us+3 %age Us+4 %age Us+ >=5 %age 4006282 1236821 30.9% 789376 19.7% 715063 17.8% 586254 14.6% 422594 10.5% 256174 6.4% MFI Universe Fusion Verse = On Us Number of Curr Bal brk Number of Cur
Slide 27: Pivoting for Growth
Pivoting for Growth Creating Opportunities… Existing Top 5 Next growth States Adjacencies + Mining deeper + Network expansion + Targeting existing Path to mid 20’s customer base for + Leverage vintage + Focus on new customer + Need based growth in AUM over the next 3-4 years branches addition requir
Slide 28: MSME Business Operations
Creating Opportunities… MSME Business Operations 27 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 29: Why MSME?
Why MSME? Creating Opportunities… Potential market for residential property backed secured MSME loan – INR 22 lakh Cr Large Market Only 12% population borrow from formal sources Opportunity * Total MSME 6.34 Cr | 99% are Micro Enterprises MSME Distribution 3.24 Cr (51% ) enterprises are in rural in
Slide 30: Our Approach Way Forward
Our Approach Way Forward Creating Opportunities… • Dedicated Business Unit launched in 2019 • Lending Strictly to Micro SME • Building Underwriting Capabilities • Business Purpose Loans • Embargo to lend to existing MFI customer 1 during pilot phase 3 Years Segment Pilot Phase Focused 2 • Cash Flow
Slide 31: Wing to Wing Lending Process
Wing to Wing Lending Process || Touch & Tech driven comprehensive customer assessment process Creating Opportunities… Sourcing Credit Collateral Disbursement Collections & Sourcing Due Diligence Underwriting Assessment Monitoring Cash Flow Base Property Valuation by Pre-filled auto printed Branch Le
Slide 32: Progress so far
Progress so far Creating Opportunities… Secured Business Loan Unsecured Business Loan Loan Range (Lakhs) ₹1 - ₹15 ₹1 - ₹5 AUM ₹ 531 Cr Tenure (Months) 12 - 120 12 – 36 ROI Range 18% – 24% 24% - 28% Branch 97 AUM (Cr.) 361 170 Customer 8018 9318 Employee 1024 Weighted LTV 42% NA ATS (Lakhs) 4.84 2.94
Slide 33: Business Metrics
Business Metrics Creating Opportunities… ₹ in Cr Disbursement (₹ Cr) AUM (₹ Cr) Product Mix 287 531 361 302 186 170 123 97 98 79% 112 116 76 139 68% 32 68% 79% 25 56% 44% 21% 33 29 27 62% 32% 89% 3 11% 90% 410% 80% 38% 21% 20% 62% 32% FY 21 FY 22 FY 23 FY 24 FY 2021 FY 2022 FY 2023 FY 2024 FY 2021 8
Slide 34: Growth Plan – Entering into the Next Growth Phase
Growth Plan – Entering into the Next Growth Phase Creating Opportunities… Productivity Enhancement in Vintage Branches | Mining Deeper in UP, Bihar, MP and Rajasthan Leveraging Captive Business Channel Strategic Alliance and Partnerships with Industry, Market Places etc. New Age Lending System and M
Slide 35: Finance & Treasury
Creating Opportunities… Finance & Treasury 34 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 36: Strong Liability Management || ensuring resilience in dynamic markets
Strong Liability Management|| ensuring resilience in dynamic markets Creating Opportunities… Robust Capitalization Diversified Sources of Funds Consistent track record of robust Well-diversified funding portfolio, strong capitalization, CRAR remained above 20% relationship with 50+ lenders since inc
Slide 37: Strong Capitalization & Optimal Leverage
Strong Capitalization & Optimal Leverage Creating Opportunities… Capital Risk Adequacy Ratio (CRAR) Net Debt to Equity (D/E) Ratio 35.8% 4.05 3.47 27.3% 27.9% 27.5% 3.26 3.15 26.0% 26.9% Avg. 26.3% Avg. 2.84 21.1% 21.9% 21.9% 2.37 2.52 2.47 2.49 1.82 Tier 1 : 26.6% Tier 2 : 0.9% FY'16 FY'17 FY'18 FY
Slide 38: Diversification || Ahead of the Curve
Diversification || Ahead of the Curve Creating Opportunities… Decisively accessed fresh funding channels, ensuring we stay ahead in securing resources vital for our continued growth and diversification 2011 PTC (Pass Through Certificate) 2014 Foreign NCD 2015 Domestic NCD 2015 Subordinated Debt 2018
Slide 39: Diversification || Across lenders & instruments
Diversification || Across lenders & instruments Creating Opportunities… Category wise mix of lenders (FY17 Vs FY19 Vs FY24 ) Key Lenders Particulars FY17 FY19 FY24 Name of Lender Category Public Sector Bank (PSU) 13.1% 1.1% 29.4% State Bank of India PSU Development Financial Institutions (DFI) 13.4%
Slide 40: Consistent Focus on Cost of Funds
Consistent Focus on Cost of Funds Creating Opportunities… 14.1% 13.9% Marginal & Average Cost of Borrowing Interest rate mix 14.1% 13.0% HHI Guidelines 76.4% 13.5% 67.7% 12.1% 12.7% 12.3% 10.8% 32.3% 10.6% 11.2% 10.0% 10.5% 23.6% 10.4% 10.3% 10.4% FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 Avg.
Slide 41: Track Record of Sufficient Liquidity & Positive ALM
Track Record of Sufficient Liquidity & Positive ALM Creating Opportunities… Positive ALM (Months) Liquidity to AUM Ratio 33% 25.8 23.7 24.2 23.0 22.2 23.1 27% 20.4 18.8 17.5 17.6 17.5 16.5 19% 15% 13% 10% '19 '20 '21 '22 '23 '24 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 Avg Maturity of Assets Avg Maturity
Slide 42: Way Forward : Borrowing Mix
Way Forward : Borrowing Mix Creating Opportunities… Borrowing Mix Mar-24 Mar-27 Term Loan 85% 60%-65% Non-Convertible Debenture (NCD) 2% 10%-15% Sub Debt 1% 1%-3% Commercial Paper 0% 1%-3% External Commercial Borrowings (ECB) 1% 10%-15% Direct Assignments / PTC 12% 10%-15% We plan to increase share
Slide 43: Information Technology
Creating Opportunities… Information Technology 42 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 44: Our Tech Philosophy
Our Tech Philosophy Creating Opportunities… 01 “Business First” approach while driving innovation & creating value 02 “Customer Centric” mindset, enabling frictionless solution for our field force 03 “Responsive, Flexible & Scalable” tech framework 04 “Zero Tolerance” on Security & Compliance 05 Ena
Slide 45: Governance & Regulatory Compliance Framework || RBI Master Guidelines
Governance & Regulatory Compliance Framework || RBI Master Guidelines Creating Opportunities… 01 IT Governance 02 IT Policy 03 Information & Cybersecurity RBI 04 IT Operations Master Guidelines 05 IS Audit 06 Business Continuity Plan 07 IT Outsourcing 44 | May 18, 2024 | © Fusion Micro Finance Limit
Slide 46: Governance & Regulatory Compliance Framework || ISO 27001
Governance & Regulatory Compliance Framework || ISO 27001 Creating Opportunities… 114 Controls 2 14 Domains 1 3 Fusion Awarded ISO certification in March-2022 Improves organization processes Protects reputation of the Strong data protection framework with focus on information security organization f
Slide 47: Layers of Defense || Internal & External Audits
5 Layers of Defense || Internal & External Audits Creating Opportunities… Statutory Audit Internal Audit Information System ISO 27001 UIDAI Audit (IS) Audit Audit Conducted at Once in a Year Once in a Year Once in a Year Once in a Year regular intervals Covers all 6 Key More than 150 Conducted by Ri
Slide 48: Tech Evolution Over The Years
Tech Evolution Over The Years Creating Opportunities… 2018 2017 2019 2018 2019 2020 2021 2022 2023 Mobile Realtime Robotic Process Automated ECS AI / ML onboarding Credit Check Automation Credit Decisioning Paperless Loan Customer Open API Collection Data Data Analytics Processing Literacy Integrati
Slide 49: Robust IT Footprint || Responsive, Flexible & Scalable
Robust IT Footprint || Responsive, Flexible & Scalable Creating Opportunities… 12,000 Customer applications CUSTOMER APPLICATIONS 18,000 Cashless collections 41,000 Credit Bureau Enquiries CASHLESS CREDIT BUREAU COLLECTIONS ENQUIRIES ~1 Million Daily LOAN CREDIT BUREAU 2 Lac Loan repayments Transact
Slide 50: Robust IT Footprint || Key Tech Enablers
Robust IT Footprint || A few Key Tech Enablers adding value to the business Creating Opportunities… Geo-location tagging & tracking( Enables w2w sourcing, collections & customer service ) OTP based customer on-boarding (Ensures seamless connect with our customer) Robotic process automation (Enhanced
Slide 51: Resilient & Agile || IT Security Landscape
Resilient & Agile ||IT SECURITY LANDSCAPE || Early Warning Systems Creating Opportunities… Network Layer Firewall Intrusion Detection System Email Security Network Access Control Application Layer Web Application Firewall Vulnerability Assessment Access Management Review Endpoint Layer Antivirus Sol
Slide 52: Futuristic IT Landscape
Futuristic IT Landscape Creating Opportunities… Agile in-house development for tailor-made solutions for core business requirements New Tech Platform Integrate pre-built solutions available in the market for non-core functionalities (Hybrid Approach) Leveraging “Time to Market” advantage Greater agi
Slide 53: Futuristic IT Landscape || AI / ML Strategy
Futuristic IT Landscape || AI / ML Strategy Creating Opportunities… Fraud detection and Customer Service & Credit Scoring & prevention Personalization Underwriting (AI enabled chatbots) Compliance & RPA (Robotic Process Predictive Analysis Regulatory Reporting Automation) Live Face Recognition KYC &
Slide 54: Risk Management
Creating Opportunities… Risk Management 53 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 55: Risk Management Philosophy
Risk Management Philosophy Creating Opportunities… Building resilient and sustainable organization Innovation & Resilience Fair dealing Adaptability & Agility Employee & motivation Responsible lending Expected Balancing Risk & Opportunities Outcomes Customer Awareness & Integration of Risk Managemen
Slide 56: Risk Governance Culture
Risk Governance Culture Creating Opportunities… MD & CEO Board of Directors Board Risk Management Board Risk Management Committee (BRMC) Committee Board Level Committee chaired by independent director Approves Risk Management Policies & Framework Management Risk Quarterly review of the Organizationa
Slide 57: Regulatory Changes
Regulatory Changes Creating Opportunities… Pricing of MFI Loans Harmonized Regulation RBI deregulated MFI loan pricing in Apr 2022 FOIR Based Credit Assessment Methodology Separate Pricing committee formed Household Level Assessment - Income and Obligations HH income <=3 lacs Customer priced based o
Slide 58: Building Blocks of Risk Management
Building Blocks of Risk Management Creating Opportunities… Enterprise Risk Framework (ERM) Operational Risk Management Identification of Financial & Non - Focus on Process design improvement Financial Risk & automation Assessment of Existing Controls Risk Control Self-Assessment (RCSA) Limit set-up
Slide 59: Operations Risk Management Framework
Operations Risk Management Framework Creating Opportunities… Risk Control Self Assessment Key Risk Indicators (KRI) Benchmarking (RCSA) ✓ Board Approved ✓ Defined KRIs with ✓ Benchmarked with framework benchmarked thresholds for all key comparable peers against banks departments ✓ Identified key are
Slide 60: Credit Risk Management Framework
Credit Risk Management Framework Creating Opportunities… Concentration Onboarding Risk Appetite Sourcing Branch Opening Portfolio Limits-State / Limits Parameters Monitoring District Portfolio quality Presence in 22 Independent field Cycle Wise Product Roll Rate Analysis States / UT & 453 visit by A
Slide 61: Analytics & Automation
Analytics & Automation Creating Opportunities… • Automation of decisioning parameters Credit • Decision standardization across regions Decisioning • ~70 % application auto approved through Engine Green channel Credit • Application & Bureau Score card Decisioning Rule Engine - Bureau Data Automation
Slide 62: Internal Audit
Creating Opportunities… Internal Audit 61 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 63: Internal Audit Framework & Structure
Internal Audit Framework & Structure Creating Opportunities… FRAMEWORK STRUCTURE Board of Directors MD & CEO Audit Philosophy No surprise environment Consultative role Board Audit Committee Chief Internal Board Auditor Audit Committee chaired by Independent Director Majority of Committee members are
Slide 64: Audit Function Evolution
Audit Function Evolution Creating Opportunities… Year 2010 -15 2016 2021 2024 States 5 9 18 22 Branches 75 173 725 1297 AUM ₹ Cr 295 647 4638 11476 Digitization, Audit Risk and Audit Internal Audit since Audit & Risk Team of and Vigilance inception segregated - 294 150 team members Segregated - ~400
Slide 65: Risk Based Audit Plan – Audit Grading
Risk Based Audit Plan – Audit Grading Creating Opportunities… Risk Based Audit Plan – Assessment Factors Group / Management / Audit scoring Branch Individual Minimum Risk feedback Field Audit team vintage audits feedback once a quarter Reassess the risks at regular intervals Grading Indicators Audit
Slide 66: Audit Activities
Audit Activities Creating Opportunities… BRANCHES CORPORATE OFFICE New Branch opening Share Risk and Audit Field Process Customer grievance scores New initiatives Align audit coverage based on risk Branch Process indicators FIELD RELATED COORDINATION INDEPENDENT WITH RISK Record Keeping FEEDBACK Cas
Slide 67: Audit Lifecycle
Audit Lifecycle Creating Opportunities… Report Risk Based Digitized audit execution closure Audit Plan Surprise branch audits – Individual / Group Time and Compliance Resource Critical observations escalated real time review Allocation Mock audit of new branches Compliance Audit Post audit - trainin
Slide 68: The Way Forward
The Way Forward Creating Opportunities… System Generated Triggers Enhanced Improved Efficiency Self-Sustaining Offsite Mechanism Monitoring 67 | May 18, 2024 | © Fusion Micro Finance Limited
Slide 69: Abbreviations
Abbreviations Creating Opportunities… AUM Asset Under Management FY Financial Year PAT Profit After Tax H Half Yearly NIM Net Interest Margin Bps Basis points ROE Return on Equity Q Quarter ROA Return on Assets ALM Asset Liability Management ECL Expected Credit Loss TAT Turn Around Time CRAR Capital
Slide 70: Definitions
Definitions Creating Opportunities… • AUM represents the aggregate of principal outstanding for all loans including the assigned portfolio as of the last day of the relevant period/year • Net Interest Income represents interest income on loan portfolio for the relevant period/year reduced by finance
Slide 71: Thank You
Creating Opportunities… Creating Thank You Opportunities… For Investor queries contact: Mr. Deepak Madaan| Email: investor.relations@fusionmicrofinance.com | +91-9289224563 70 | May 18, 2024 | © Fusion Micro Finance Limited
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